01863cas a2200229 a 4500 AALejournalIMF021368 230101c9999 xx r poo 0 0eng d 5.00 USD 9781513564630 1018-5941 BD-DhAAL BD-DhAAL Quarterly Projection Model for the National Bank of Rwanda. Washington, D.C. : International Monetary Fund, 2020. 1 online resource (46 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students National Bank of Rwanda (BNR) modernized monetary policy and transited to the price-based policy framework in January 2019. The Forecasting and Policy Analysis System (FPAS) is the cornerstone for the new forward-looking framework, which mobilizes and organizes resources and sets processes for regular forecasting rounds. The core of this system is a structural macroeconomic model for macroeconomic analysis and projections to support the BNR staff's policy recommendations to the monetary policy committee. This paper documents the quarterly projection model (QPM) at the core of the FPAS at the BNR. The model is an extension of the canonical structure in Berg et al (2006) to reflect specifics of the interest-rate-based policy framework with a managed exchange rate, the effect of agricultural sector and harvests on prices, and the role of fiscal policies and aid flows. Mode of access: Internet IMF Working Papers; Working Paper ; No. 2020/295 Full text available on IMF http://elibrary.imf.org/view/journals/001/2020/295/001.2020.issue-295-en.xml IMF e-Library